Decentralized Exchanges (DEXs) are platforms where users trade digital assets through peer-to-peer (P2P) transactions powered by smart contracts. Unlike centralized exchanges (CEXs), DEX users do not require a central service provider to trade cryptocurrencies.

Since the folding up of FTX in 2022 (a CEX), more crypto users became attracted to DEX platforms, marking a surge in DeFi. So crypto users should know the most popular DEX platforms offering the best services in 2024.

So, we’ll explore the Top 5 DEXs you should be familiar with in 2024. Let’s dive in!

#1. Uniswap

First on our list of the top 5 DEXs you should be familiar with is Uniswap. This platform remains one of the most popular and most utilized DEXs built on the ETH blockchain.

Uniswap enables users to swap various Ethereum-based crypto tokens directly, eliminating the need for a central authority. Uniswap utilizes an Automated Market Maker (AMM) framework that executes trades automatically based on smart contracts.

The DEX also features a liquidity pool ensuring a steady liquidity supply for Uniswap users. This minimizes slippage and consequently ensures a better trading experience for users.

#2 Curve Finance (CurveFi)

CurveFi comes second on the top 5 DEXs you should be familiar with in 2024. Notably, this DEX enables users to trade stablecoins like USDT, USDC, BUSD, etc. Besides stablecoins, the DEX platform has included Ethereum and Wrapped BTC in its liquidity pools.

While it may look like a limitation, CurveFi trading mostly on stablecoins is advantageous. It brings slippage to nearly zero, even with large trade volumes, due to the stability of the coins. Also, the lack of volatility boosts DeFi services like lending and insurance.

#3. SushiSwap

SushiSwap represents a spin-off of Uniswap that has a community model. Through this model, users participate actively in making decisions on the platform. To clarify, they can vote on protocols, changes and updates, so the platform’s progress is determined by all users.

There are also rewards in the form of SUSHI tokens for liquidity providers on the DEX proportional to their contribution. The platform also incorporates the same AMM model of Uniswap to ensure seamless trading. SushiSwap foreshadows community participation in the DeFi ecosystem.

#4. PancakeSwap

Up next is PancakeSwap, developed on the Binance Smart Chain (BSC) to be faster and cheaper than DEXs built on the Ethereum blockchain. The swift transactions and lower fees relative to other DEXs attract users to PancakeSwap.

Its native token is CAKE and holders make decisions affecting the DEX. Users can also stake CAKE tokens to earn more rewards. With lower fees and rapid transactions thanks to BSC, and incorporating an AMM framework, PancakeSwap has established itself in the DeFi ecosystem.

#5 1inch

Now, imagine a platform that finds the best swap rates for your assets across other DEXs. 1inch is certainly not the conventional DEX platform but a “DeFi-DEX aggregator”. 1inch splits asset trades over different platforms on various blockchains to reduce slippage.

Such an aggregated liquidity pool and sophisticated algorithm are key features of 1inch resulting in a better trading experience that attracts users. Like others, its token, 1INCH offers users decision rights and can be staked to earn rewards.

Conclusion

Decentralized exchanges are revolutionizing crypto trading, with these top 5 platforms leading the innovation. Users must be cautious while trading on DEXs to prevent irretrievable loss of their crypto assets.